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Climate Resolutions See Big Wins in 2017

This year, ICCR members pressed dozens of companies in the energy and automotive industries to do more to fight climate change, and saw big wins as a result:

Methane Leaks & Disclosure

Methane emissions are a dangerous greenhouse gas and a powerful contributor to climate change. Investors asked utilities and energy companies to report on how they intend to reduce their climate risk by controlling their climate emissions. ICCR members persuaded EOG to commit to publicly disclose a methane emissions percentage and other methane emissions metrics that will allow investors to better understand the company’s methane emissions – and will motivate EOG to reduce its emissions. Our members also reached agreements with Sempra Energy and Washington Gas to report publicly on their methane leak tracking and mitigation. In addition, investors in the following 4 companies voted in large numbers to support our resolution, sending a strong message to 'do better' to management:

Stranded Assets Due to Climate ChangeInvestors asked oil & gas companies to identify all their generation assets that might become stranded, in what time frame, and quantifying low, medium, and high financial risk associated with each respective asset. Our members successfully pushed Xcel Energy to begin assessing its financial risk of stranded carbon assets. Investors at PNM Resources voted in favor of a similar resolution by 39.87%.

Business Plan for 2C Warming Scenario

Citing the Paris agreement, investors targeted the power and oil & gas sectors with resolutions asking them to develop business plans addressing the new 2degree challenge. ICCR members persuaded Anadarko Petroleum to implement analysis and disclosure regarding the climate change risk its business faces. These resolutions garnered incredibly strong support amongst investors, upping pressure on the individual companies. See:

Investors also asked companies to report on how they plan to respond to climate change and the resultant transition to a low carbon economy by evaluating the feasibility of altering their energy mix by separating or selling off their highest carbon-risk assets.

Chevron: 27%

Director with Climate Change Expertise

After a multi-year campaign, the Capuchin Franciscans this year convinced oil & gas giant ExxonMobil to add climate change expert Dr. Susan Avery to its board of directors.

Note: Our members filed 104 resolutions addressing climate change for the 2017 proxy season. Sixty-six of these dealt primarily with climate change, while an additional 38 addressed climate change indirectly via one of 5 other approaches, including lobbying, food & water, and sustainability.